Tether: We've onboarded FBI, Secret Service to our platform

[jafo]

WARNING - WARNING - WARNING!

Tether: We've onboarded FBI, Secret Service to our platform. By Zack Abrams STABLECOINS Ӣ DECEMBER 16, 2023, 2:32PM EST

Welcome to the Jungle! 😡

 

[JohnLocke]

It's just too much that the authorities first try to completely marginalize Crypto, then they‌ try to make it all look like a big scam, and when that doesn't succeed,‍ they fully engage in the crypto market and now fight it from within.

 

[Rotor]

It has been full steam psyops season in crypto lately (not to mention the bloating‌ of the BTC blockchain with spams to make it unaffordable to use).

Personnaly I take‍ it as a very bad omen. Something must be going very wrong in the traditionnal⁠ financial system.

 

[latindev]

Cool, now that they are there they should make sure Tether is actually solvent 😛

 

[Wellington]

There’s so many issues with this it’s unbelievable

Tether is a Eurodollar equivalent but tokenized‌

It issues UsDT which is backed by liens, debt, assets etc much like the 400‍ trillion dollar ledger based Eurodollar market that exists outside of the US control, at this⁠ time they hold TBills previously it was corporate debt or loans from South America, China,⁤ Europe, US etc which is very much how the Eurodollar market is - collateral >⁣ lend into existence or release funds in euro, yuan, yen etc but payable in $⁢ or priced in $ payable in euro, yuan, yen etc.

You don’t see the FBI,︀ Treasury etc up private enterprises or non US banks arses outside of the US in︁ the Eurodollar market.

The reason this is wrong is the following - 1 above, 2︂ the US has to date not defined what a security is whereas every country except︃ Canada, Israel, Taiwan is leaning to the fact that all tokens unless inherently equity are︄ not securities but either payment tokens or utility commodities.

Moving on… this is is the︅ issue - if it is a security then it is a unregistered security and by︆ default the company that issued it is violating US laws because either they have vendors︇ in the US, banked through USD or have staff or customers or token holders in︈ the US thus it is illicit finance.

Now why does that matter? The vast bulk︉ of the crypto space either utilized Binance for personal or commercial and hold their wealth︊ predominantly in x token but also USDT.

… illicit finance…. FBI + Secret Service have︋ access to Binance data and now Tether = how do you close something down like︌ crypto?

Mass freeze

Is there extraterritorial overreach? Yes
Is there claims of criminal acts based︍ on US law? Yes

Now they can’t do the same with USDC as circle is︎ domestic and it all has to go through the courts - law and that’s why️ there is less freezing on USDC…

Binance signed away their own and their users rights‌

Tether has done the same

Either is not protected by the rule of law in‍ the US because both have violated it somewhere.

Circle on the other hand is because⁠ they can make a lot of noise about overreach hence not a shrug about them⁤ banking Justin Sun - he was innocent until proven guilty was their statement in a⁣ manner of words…

Tether like Binance can’t do that - everyone is guilty till proven⁢ innocent (their users) and their users cant defend themselves when asset seizures occur.

 

[JohnnyDoe]

Search on Pacer “Jean Chalopin” and “Deltec Bank”. Draw your own conclusions.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[jafo]

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In the wise words of Mark Twain:

“It ain't what you don't︁ know that gets you into trouble.​

It's what you know for sure that just ain't︂ so.” stupi#21​

It's NOT a bug! It's a feature. 😉

Now, some of you may be hallucinating that it's︆ different for European companies, but it is NOT!
His name is:

Frédéric Pierucci. He is the former senior executive for Alstom!​

The book he wrote, despite all the︇ personal threats, is:

Book link: The American Trap: My battle to expose America's secret economic︈ war against the rest of the world. Hardcover – March 17, 2020

In the late︉ 2000s, General Electric and its US politically connected and privileged shareholders wanted to acquire Alstom,︊ but a few "executives" refused, so they made them an offer they couldn't refuse:

US DOJ's website link: Foreign Bribery Charges Unsealed Against Current and Former Executives of French Power︋ Company

and right after the stock plummeted and every company Frenchmen and other executives and︌ shareholders of Alstom started quivering in their feces-filled underpants, GE came in with an offer︍ they couldn't refuse:

and the acquisition was approved by the same agency that indicted the︎ French company 😛

Source to GE's press release: GE Completes Acquisition of Alstom Power and Grid️ Businesses. November 03, 2015

This is anti-anyone! As I learned in College in the US:‌ "Knowing is half the battle!"

PS. Look up Toshiba of the 1980s too.... They ALSO‍ tried doing this in two other countries (that are "hated" by most of the world⁠ due to a combination of indoctrination and gullibility) but these two countries fought back with⁤ absolute tenacity! Their plan failed...(for now)

PSS. My solution? We still deal in USDT and⁣ USDC and most stablecoins, but we exchange them right away for a decentralized stablecoin. We're⁢ all moving to decentralized stablecoins for payments. After that, we move to decentralized cryptocurrencies that︀ can't even be viewed. Some have poor liquidity...for now...

 

[clemens]

No matter what, I am sure that USDT will not be shutting down anytime soon,‌ especially now that the authorities have sunk their big snouts into the giant cauldron of‍ black money, they will surely keep it all alive for a very long time.

 

[Martin Everson]

Lol....he makes it sound like he invited them to use it. You⁠ know its more likely its the FBI that came to him with a mountain of⁤ evidence and they cooperated anyway they could just to stay out of jail. I guess⁣ the bank they work with is also fully aware of what is going on and⁢ also cooperating 😉. Everybody turned Tekashi69 I guess. Anyway they can watch clients for 7..8...9︀ years plus building a case before making a move so interesting times ahead if this︁ is all true.

 

[369]

rofl no they always controled majoiry of major coins.
USDT was started⁤ with the Rothschilds banks so anyone beliving it was anti systemic was just naiv

chinese operator controlled over 51% of all hashing power.Would︁ they wanted to kill bitcoin they had the best opportunity

 

[Wellington]

More on: In Cambodia, Tether coin becomes crypto of choice for Chinese-linked activities

This is why in (AI) Tech︌ you have a structure where you don't have control of the technologies (ownership).
You'll also︍ note a lot of AI companies are operating out of HK (we used to) one︎ foot in the East whilst being tied to the West (Citizenship) -> In my case️ Snoopers Charter enforced back door approach to get outside of the fence.

In the US‌ IN-Q-TEL was the company that came knocking on behalf of the state.

I once became a liquidity staker for a private ETH⁣ side chain (yield research), earned 2 ETH deposited into exchange and they literally rejected it⁢ and sent it back lol

Can't remember what it was called or whether it even︀ exists today, but was paying a considerable amount for staking eth.

Side note, i probably︁ only used USDT due to the demand when doing a exchange (most of the time︂ automated - just see in the txt process), otherwise won't touch it simply because got︃ burned commercially in 2018 when its price collapsed.

I do look forward to the day︄ there is a HKD or AED Stablecoin both currencies are pegged to the $ in︅ their own way anyway, but it allows less 'risk' than dealing with USDT or even︆ USDC (see a few months ago), DAI fortunately has less risk (i believe) than USDC︇ due to it's backing and at the same time, the mechanisms for holding the peg︈ allow a few avenues to robustly liquidate whilst USDC is zig zagging across the screen.︉

Just the other day USDC to USDT was down around ~10% on decentralised exchanges briefly,︊ whilst DAI could be liquidated quickly into USDC/XSGD for a nice profit.

Pretty sure︌ USDT was after it transferred from the movie stars control, financed in part (majority) by︍ a British-Thai national (supported the UK's Right of Centre party associated with Nigel Farage) and︎ a major Conservative donor.

Mind you don't hear much about him in the UK, of-course,️ and even in the US likewise... In Thailand not a peep.

 

[jafo]

#Bingo!
This man stablecoins! 😉

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You owe me a new keyboard...I spat‌ all my wine on it when I read this smi(&%

Thanks for the laugh! I had‍ forgotten about this snitch! rof/% rof/% rof/%

You had mentioned this before and I remember going⁤ on Pacer and researching this. It was disturbing as H3LL! The US DOJ seized +US$45M⁣ but was looking to get just shy of US$105M. It was mind-blowing to me.
My fear is, imagine after I ship e.g. ¥9M of Huawei equipment to e.g. Argentina and⁢ I get paid in CNH₮, Chinese Yuan (CNH) CNH₮ Stablecoin, only to have them seized/frozen︀ by the US DOJ for whatever KAKAMANIA story they can come up with. stupi#21 stupi#21 stupi#21 stupi#21 stupi#21 - Like︁ WTF???!!!

I'm truly disappointed in Tether! It's one thing to become the "sexual cuckold slave"︂ of the US when it comes to USD₮, but all the other stablecoins too? 🙄

I have NO words to describe my disillusion with Tether! cry&¤

 

[369]

Correct.DAI has week points which you need‌ to monitor.
The creator of DAI is a dev from our bitshares community who created‍ his own stablecoin based on bitassets but improved it.

However it has 3 risk points⁠ like bitassets.
1.possible malcious code noone found till now (happened once already where nearly all⁤ collateral ETH have been sold for peanuts)
2.code updates which will cause damage (was the⁣ major weak point at bitassets where the main dev implemented a malcious code.Teoraticly node providers⁢ should catch it but in reality it didn't happened)
3.Liquidity attack (not such a big︀ threat anymore like before when liquidity was less)

 

[JohnLocke]

So, isn't there really an alternative to USDT, or what do you think?

 

[Sols]

Stable coins are used a lot for movement of funds to get around SWIFT where‌ curmudgeonly correspondent banks charge high fees and/or refuse to work with certain industries, or to‍ get around currency conversion restrictions.

In many cases, it's cheaper to buy USDT locally, send⁠ it to someone else, and the recipient then converts it to their local currency than⁤ it would be to send the same money via SWIFT and have a bank do⁣ the currency conversion.

Hundreds of millions of USDT are bought and sold each day as⁢ businesses move money faster and with less oversight than if it had passed through banks.︀

At the moment, USDC and USDT are the only stable coins with enough liquidity to︁ be viable options for large volumes.

 

[Wellington]

Yes, XSGD if you want to hold Singapore Dollars, which essentially debases‍ or re-bases their currency to keep on par with the USD.

One thing to consider⁠ -> Singapore is reported by the IMF etc as heavily indebted, but when you look⁤ under the skirt its actually extremely capitalised and not in debt or very little debt...⁣

XSGD follows Singapore law so rule of law (unlike the US of late).

So you⁢ have that added protection, in addition everything has to go through Singapore courts, so you︀ have the ability to enforce rule of law without having your hands tied behind your︁ back like the US legal system has become.

 

[Sols]

According to CoinMarketCap.com, the 24h volumes of XSGD is 763,000 USD compared to 37,465,663,943 for‌ USDT and 4,675,016,347 for USDC.

37.4 and 4.6 billion vs not even a million USD.‍

If you need to move more than 763,000 USD, XSGD may grind to a halt.⁠

So it's interesting for low volume transactions but not yet fit for large scale movement⁤ of funds.

 

[Clank]

DAI realistic alternative that can't be controlled by the US government.

 

[kilor]

I trust they are already represented at all cryptos already. This is a PR stunt‌ nothing else.

 

[Rotor]

Until truly decentralized algorithmic stablecoins emerge, you will always have counterparties risks.‍ And always keep in mind it would be so easy and tempting to freeze all⁠ centralized stablecoins for mandatory KYC/AML (DAI included).